Melbourne’s western and northern suburbs offer range and affordability to first home buyers with a budget of around $500,000, according to valuation firm Herron Todd White’s July residential market report which looks at the sub-$500,000 property market.
There has been continual demand for land and new houses in the outer south western region of Melbourne. Areas such as Truganina, Tarneit, Wyndham Vale and Werribee are providing first home buyers with relatively affordable properties. In May 2016, RP Data reported the median house sale price in Truganina was $450,000, Tarneit was $410,000, Wyndham Vale $359,500 and Werribee was $352,250.
“First home buyers with a budget of $500,000 will find these areas highly desirable as $500,000 can buy you a four-bedroom house,” says HTW.
Although these suburbs are located between 27 and 36 kilometres from the Melbourne CBD, nearby railway stations provide access to the surrounding suburbs and Melbourne’s CBD.
Closer to the CBD on the western city fringe, Footscray and Maidstone provide affordable options for first home buyers to enter the market for a budget of $500,000. In May 2016, RP Data reported the median unit sale price in Footscray was $395,000 and Maidstone was $320,000. These areas provide good transport links to the Melbourne CBD and are growing in popularity.
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